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Preparation of cash flows statement using indirect method.
Presented below is information related to the operations of Bryers Corporation.
December
2006
2005
Cash
$63,000
$40,000
Sales
$420,000
Accounts receivable
58,000
48,000
Cost of goods sold
190,000
Inventory
37,000
22,000
Gross profit
230,000
Prepaid expenses
16,000
20,000
Depreciation expense
14,000
Land
36,000
Other operating expenses
141,000
Building
100,000
Income from operations
75,000
Accumulated depreciation-
Loss on equipment sale
2,000
building
-17,000
-8,000
Income before income taxes
73,000
Equipment
80,000
Income tax expense
23,000
Net income
$50,000
equipment
-15,000
-20,000
Total
$336,000
$302,000
Accounts payable
$35,000
$39,000
Bonds payable
0
Common stock
200,000
Retained earnings
101,000
63,000
Additional information:
In 2006, (a) Bryers declared and paid a cash dividend of $12,000. (b) The company converted $100,000 of bonds into common stock. (c) Equipment with a cost of $22,000 and a book value of $12,000 was sold for $10,000. Land was acquired for cash. (d) Prepaid expenses pertain to operating expenses; accounts payable pertains to merchan-dise purchases.
Instructions
Prepare a statement of cash flows in proper form for 2006, using the indirect or the direct method, your choice.
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